no need to leave your home to receive legal consultations and services - Call or click to learn more about phone and videoconferencing with our attorneys

What Can I Accomplish with an Estate Plan? | The 8 Goals of Illinois Estate Planning

Article written by Illinois & Iowa Attorney Kevin O'Flaherty
Updated on
November 1, 2019

This article is the first in a series of nine articles explaining the Eight Goals of a Good Estate Plan.  The next eight articles in this series will each examine one of the Eight Goals of a Good Estate Plan in detail and explain the tools we use to accomplish that goal.

‍The purpose of this article is to provide you with a road map of the goals and the tools we use for each.

I have broken the Eight Goals into two groups.

The first group consists of four General Goals that apply to nearly every client. The second group consists of four Specialized Goals that may be appropriate depending on a client’s individual circumstances.The four General Goals and the tools that we use to accomplish them are:

1.  Appointment of fiduciaries and distribution of assets;

Tools: Revocable Living Trust, Will, Healthcare Power of Attorney & Financial Power of Attorney

2.  Probate avoidance upon death;

Tools: Revocable Living Trust

3.  Guardianship avoidance upon mental incompetency;

Tools: Healthcare Power of Attorney & Financial Power of Attorney

4.  End of Life Instruction;

Tools: Living Will.

In addition to these four primary goals, clients in special circumstances may also seek to accomplish four particular goals that are specific to their circumstances. These four Specialized Goals are:

5.  Estate tax avoidance;

Tools: Revocable Living AB Trusts, Irrevocable Life Insurance Trusts, Grantor Retained Annuity Trusts, Grantor Retained Income Trusts, Grantor Retained Unitrusts & Generation Skipping Trusts

6.  Ensuring that a loved one with special needs is provided for without preventing him or her from receiving social security payments;

Tools: Third-party Supplemental Needs Trusts & Self-Settled Supplemental Needs Trusts

7.  Protecting assets from creditors

and Tools: Irrevocable Trusts, Family Limited Partnerships, LLCs & Corporations

8.  Preventing assets from interfering with eligibility for Medicaid and transferring assets to loved ones at death free of Medicaid liens.

Additional Financial Considerations
from Financial Experts

From Financial Experts

For many years, financial institutions have been creating a disservice to clients and the industry as a whole for years.
View More Professional Considerations

Presented By O'Flaherty Law

What Can I Accomplish with an Estate plan?

Need Legal Help? 

Schedule a
Consultation

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Leave a Comment With Your Questions

Read more about

Estate Planning

We offer free, paid & Online CONSULTATION in:

Estate Planning

Schedule a consultation with our Illinois & Iowa Attorneys

We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.

What happens at a legal consultation?
Meet with an attorney for a free consultation to discuss what type of matter you need to discuss with an attorney.
Over the Phone Legal Consultations
Similar to In-person consultations, you discuss your legal needs with our attorneys to discuss your matter.
An online consultation is like an in-person and an over the phone online Consultation. You meet face to face with our attorneys through our online portal.
Paid Legal Consultations
While a free consultation allows us to discuss what we can do in general terms for your legal matter, a paid consultation allows us to answer direct questions.

More Illinois Wills and Trust Law Episodes

contact us

Monday to Friday
9am - 5pm

Contact Us
Disclaimer: Our articles and comment responses do not constitute legal advice and are not intended to create an attorney-client relationship.

Please contact us to schedule a free consultation for legal advice specific to your situation.

Here are some articles that may interest you
Schedule a
Consultation

Contact us for a Free Consultation

Schedule a free consultation

O'Flaherty Law is happy to meet with you by phone or at our office locations in:

Who We Are
We are your community law firm. Our Illinois & Iowa Attorneys are committed to providing exceptional client service in a cost-effective manner in the areas of Family Law, Probate, Estate Planning, Civil Litigation, Guardianship, Criminal Defense, Corporate & Contract Law, Bankruptcy and Real Estate.

Some of Our Accomplishments

Best Child Support Lawyers in Chicago
DuPage County Probate Attorney
Kevin P. O'Flaherty
Rated by Super Lawyers


loading ...
Naperville attorney
DuPage County Probate Attorney

Subscribe to our mailing list

* indicates required